Business Combinations—Disclosures, Goodwill and Impairment – International Accounting Standards Board
The IASB met on September 19, 2023, to discuss transition requirements for the proposed changes to IFRS 3 Business Combinations and IAS 36 Impairment of Assets; and due process steps—including permission to begin the balloting process—for the Exposure Draft.
The IASB tentatively decided to require an entity to apply the proposed amendments to the disclosure requirements in IFRS 3 to business combinations for which the acquisition date is on or after the effective date of the amendments, with earlier application permitted; not to provide first-time adopters with a specific exemption from applying the proposed amendments to IAS 36; and to require eligible subsidiaries to apply the proposed amendments to the prospective IFRS Accounting Standard Subsidiaries without Public Accountability: Disclosures, without restating comparative information, from the effective date of those proposed amendments, with earlier application permitted.
The IASB also tentatively decided to require an entity to apply the proposed amendments to IAS 36 to impairment tests on or after the effective date of the proposed amendments, with earlier application permitted; and not to provide first-time adopters with a specific exemption from applying the proposed amendments to IFRS 3.
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